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Moody's affirms Altra; outlook negative
Moody's Investors Service said it has affirmed all of the ratings of Altra Industrial Motion, Inc. and revised the outlook to negative from stable.
The change in outlook reflects the risk that deteriorating global economic conditions will result in a meaningful reduction in Altra's earnings during 2009 and weaken the existing credit profile, the agency said.
Moody's noted that the negative outlook incorporates the rapid deterioration of order volumes witnessed across the majority of end-markets served by Altra and the continued lack of visibility into future demand prospects.
Moody's said it estimates that EBITDA could decline by 40% to 50% in 2009 which would likely result in leverage approaching 5.0x.
Affected ratings include the company's corporate family rating at B1; probability of default rating at B1; senior secured notes due 2011 at B1 (LGD assessment revised to LGD4/54% from LGD4/53%); senior unsecured notes due 2013 at B3 (LGD6/94%); and speculative-grade liquidity rating at SGL-2.
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